Best’s News & Research Service - June 14, 2024 09:57 AM (EDT)
Best's Rankings: US Life/Health Three-Month Admitted Assets Increase 2.6%
OLDWICK, N.J. //BestWire// - The total U.S. life/health industry's admitted assets grew by 2.6% to $8.94 billion in 2023, according to a new Best's Rankings report.
Prudential of America Group held onto the top spot in the ranking, with a 3.0% increase to $547.32 billion, according to the report. Its net premiums written increased 158.3% to $26.76 billion.
New York Life Group took the No. 2 spot on the list after a 1.9% increase in admitted assets to $431.49 billion. MetLife Insurance Cos., at No. 3, saw a 0.5% decrease in admitted assets to $412.62 billion. It was the only company in the top-25 to register a decrease.
Rounding out the top five carriers, Massachusetts Mutual Life Group held onto the fourth spot with a 2.1% increase in admitted assets to $389.05 billion. Fifth-ranked TIAA Group saw a 0.4% increase in admitted assets to $365.21 billion.
TIAA’s assets are significantly understated. Most of its separate account assets are in its affiliate, CREF.
The ranking measures admitted assets, percent change, separate account assets, net premiums written, the 12-month percent change, after-tax net operating gain, realized gains/losses, C&S + AVR, 3-month percent change and adjusted C&S + adjusted liability for the top-25, top-100 and the total industry.
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AM Best data sourced from Best’s Financial Suite, US.
(By Anthony Bellano, associate editor, Best's Review: anthony.bellano@ambest.com)